Parts are (Tamarin, frameworks, Open Screen Project partnerships), but parts cannot (codecs licensed from third-parties are a key blocker).

Dave McAllister has a single-screen summary, and I've got some background history, both with plenty of links: http://blogs.adobe.com/open/2010/02/following_the_open_trail... http://blogs.adobe.com/jd/2009/07/opening_the_flash_file_for...